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ZENITH BANK SUSTAINS MARKET DOMINANCE WITH IMPROVED PROFITABILITY

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In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments an unedited Q1 results released by the bank revealed.

This solid performance resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018 according to information available.

The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018 further details revealed.

The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period the unaudited results showed.

More information revealed that the risk and asset quality continues to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. And this was achieved as impairment charges declined by 54%(₦2.5billion year on year reduction).

The figures available further showed that cost of funds also improved, declining by 25% from 4%in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10billion over the same period, affirming the Group’s robust treasury and liquidity management.

Added revelation revealed that prudent cost management led to a 5% decline in the cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.

The Bank’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits according to details available.

The volume and value of transactions across electronic and digital platforms continue to grow as new customers are being acquired. And the balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019 the Q1 unaudited report further revealed.

According to a statement from the bank ‘’Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.’’

Business

‘wicked, stupid lies’ Aides React To Gov Makinde’s Private Jet Acquisition

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‘it’s wicked and stupid! I don’t know how to respond to such’

 

That was a response from one of the aides to the Executive Governor of Oyo State, Governor Seyi Makinde when asked to confirm if truly the Governor recently acquired a private jet.

 

A report monitored online by papermache.com alleged that the Governor has joined the league of jet owners in Nigeria.

 

Governor Makinde was said to have been spotted at the Felix Houphouet Airport, Abidjan alighting from the aircraft alongside, Alhaji Azeem Gbolarumi and Alhaji Bisi Olopoeniyan at the just concluded AFCON finals.

 

This stemmed the report that the Governor has just acquired the private jet for his private use.

 

Another aide of the Governor who refused to add his name, citing reasons that he wasn’t allowed to make official comments responded to the allegation as ‘funny! How can you say somebody bought a jet because he alighted from it?’.

 

 

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Business

Access Bank Boss, Herbert Wigwe Dies In Helicopter Crash

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Access Bank boss, Herbert Wigwe has reportedly died in a chopper crash.

 

Wigwe and 5 others were said to be travelling in the helicopter when it crashed somewhere close to Nevada, USA.

 

There was no confirmation if his wife and child was in the chopper with him.

 

According to New York Times, none of the passengers of the ill fated helicopter has not been found.

 

 

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Business

EFCC Declares Emefiele’s Wife, Others Wanted!

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The Economic Finacial Crime Commission, EFCC has declared Margaret, wife of former Central Bank Governor, Godwin Emefiele and three others wanted as part of their investigations involving the former banker.

 

In a notice posted on their website, the Commission hinted that Margaret Emefiele, a CBN official Eric Odoh, a businesswoman, Anita Omoile and a Bureau De Change operator, Jonathan Omoile are wanted for allegedly conspiring with Godwin Emefiele to convert huge sums of money belonging to the Federal Government of Nigeria.

 

The wife of the former CBN boss, Margaret is said to have gone into hiding after her husband was arrested and charged to court.

 

The former CBN boss is claimed to be giving useful information to the investigators who found it necessary to bring in his wife as she was mentioned in all the transactions done by her husband.

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